on singles and that's really the only execution they know, they may go to that. So again, I think that change in the cards kind of sparked a, I would say, a welcome surprise

on singles and that's really the only execution they know they may go to that so again i think that change in the cards kind of sparked i would say a welcome surprise


But I think my comment earlier really related to a declining rate of order growth that we saw through the back end of the year and into Q4. And I would say that

but i think my comment earlier really related to a declining rate of order growth that we saw through the back end of the year and into q4 and i would say that


First, our history shows we have been an innovator in this industry for decades. Our IP estate is valuable since it provides us with technology that is royalty-free.

first our history shows we have been an innovator in this industry for decades our ip estate is valuable since it provides us with technology that is royalty-free


we have been ensured that we have a higher margin of those products. It's still a challenging business. We still have to adopt our cost. We still have to make

we have been ensured that we have a higher margin of those products it's still a challenging business we still have to adopt our cost we still have to make the


We've made tremendous progress over the last few years in generating our own pipeline targeting unique drug target, discovered internally

we have made tremendous progress over the last few years in generating our own pipeline targeting unique drug targets discovered internally


I'd like to thank our teams for their tireless efforts to put us back on track and ensure that we're focused most importantly on our customers and consumers.

i'd like to thank our teams for their tireless efforts to put us back on track and ensure that we're focused most importantly on our customers and consumers


We improved our sales processes to decrease our time to close new engagements. We also better segmented our software to address a larger prospective customer base with Express solutions.

we improved our sales processes to decrease our time to close new engagements we also better segmented our software to address a larger prospective customer base with express solutions


We've taken the opportunity to improve our customer privacy program substantially on the back of this. We take the protection of customers data very seriously, and we know they do.

we've taken the opportunity to improve our customer privacy program substantially on the back of this we take the protection of customers' data very seriously and we know they do


Our core target customers, which consist of complex multisystem health care providers, continue to acquire physician groups in order to better serve their patients.

our core target customers which consist of complex multisystem healthcare providers continue to acquire physician groups in order to better serve their patients


We will continue to take a measured approach to matching our planned capacity levels with anticipated levels of demand. We are still in the process of developing our operating plan for 2018, so

we will continue to take a measured approach to matching our planned capacity levels with anticipated levels of demand we are still in the process of developing our operating plan for 2018 and


and I've seen hundreds of these kinds of situations and if we can demonstrate this kind of penetration and level of acceptance

and i've seen hundreds of these kinds of situations and if we could demonstrate this kind of penetration and level of acceptance


for countries across the world. And we think that having the distribution footprint through Pramac and allowing us to take those natural gas gen sets into that distribution footprint

for countries across the world and we think that having the distribution footprint through pramac and allowing us to take those natural gas gen sets into that distribution footprint


I will note that the weather in Southern Oregon was particularly severe, and we lost several days of harvest activity and incurred some storm damage on our property in that area.

i will note that the weather in southern oregon was particularly severe and we lost several days of harvest activity and incurred some storm damage on our property in that area


they have clearly been moved by all of the letters and all of the testimonies that were sent in during the


first, the legacy KCG wholesale market making and Virtu market making businesses are extremely complimentary and symbiotic, and we were mainly excited about the numerous

first the legacy kcg wholesale market making and virtu market making businesses are extremely complementary and symbiotic and we remain excited about the numerous


Obviously, based upon history, we're doing a lot more in terms of straight wireless transactions than we are in entertainment, and so we're working to,

obviously based upon history we're doing a lot more in terms of straight wireless transactions than we are in entertainment and so we're working to


In addition, we continue to invest in the Ameriprise brand. As you may have seen, we're back on the air with new advertising, and we remain at record levels of awareness.

in addition we continue to invest in the ameriprise brand as you may have seen we're back on the air with new advertising and we remain at record levels of awareness


that is continuing as we see them roll out into many of the international markets. And so there is pressure on price, and I'd say fairly significant pressure on price

that is continuing as we see them roll out into many of the international markets and so there is pressure on price and i'd say fairly significant pressure on price


Before I move on to our 3 focus areas, let me share with you the progress we have made on our premium core beer brand, Guinness.

before i move on to our 3 focus areas let me share with you the progress we have made on our premium core beer brand guinness


We continued the renovation of the power prestige brands in the first half, expanding the rollout of Antiquity with new packaging nationally.

we continued the renovation of the power prestige brands in the first half expanding the rollout of antiquity with new packaging nationally


As a result of these factors, our actual results may differ materially from those indicated or implied by such forward-looking statements. I will now turn the call over to Hal to begin.

as a result of these factors our actual results may differ materially from those indicated or implied by such forward-looking statements i will now turn the call over to hal to begin


Since many of our remarks today will concern our expectations for the future, they are subject to numerous risk factors as elaborated upon in our 10-K, 10-Q and other filings.

since many of our remarks today will concern our expectations for the future they are subject to numerous risk factors as elaborated upon in our 10-k 10-q and other filings


And whilst in the short term, they will give rise to some increased costs and disruption, we are very clear that these are the right initiatives to pursue and that they should be implemented without delay.

and whilst in the short term they will give rise to some increased costs and disruption we are very clear that these are the right initiatives to pursue and that they should be implemented without delay


Juan will now talk you through the progress against these priorities and some of the tangible benefits our increased investment is already producing for both customers

when we now talk you through the progress against these priorities and some of the tangible benefits our increased investment is already producing for both customers


The client recognized the advantage of having the diagnostic tracer deployed with the proppant during the frac operation as opposed to traveling in a liquid phase within the frac fluid.

the client recognized the advantage of having the diagnostic tracer deployed with the proppant during the frac operation as opposed to traveling in a liquid phase within the frac fluid


Asset quality, only good news here in the sense that the overall cost of risk of the bank in this quarter was pretty low.

asset quality only good news here in the sense that the overall cost of risk of the bank in this quarter was pretty low


resulted in some of the increase getting closer to the target. Yes, I mean, to put it plainly, I'm just trying to figure out is, as I'm thinking about next year, if I need to account for some kind of a catch-up

resulting in some of the increase getting closer to target yes i mean to put it plainly i'm just trying to figure out as i'm thinking about next year if i need to account for some kind of a catch-up


As noted on Page 19 of the supplemental information, we currently have 11 new facilities under active construction and development. That, along with

as noted on page 19 of the supplemental information we currently have 11 new facilities under active construction and development that along with


And sort of apropos of the first part of your question, Sheryl, that this initial wave is to go to the acute care hospitals in the bundled markets

and sort of apropos of the first part of your question sheryl that -- this initial wave is to go to the acute care hospitals in the bundled markets


which is a key differentiator for us. If you just look at the presence we have today in the market, it's predominantly financials and fundraising

which is a key differentiator for us if you just look at the presence we have today in the market it's predominantly financials and fundraising


selling price of polarizing film and touchscreen panels declined, and therefore revenue decreased year-on-year. Regarding core operating income.

selling price of polarizing film and touch screen panels declined and therefore revenue decreased year-on-year regarding core operating income


Initial target to be achieved, we will continue to work very hard to achieve our initial targets. So I would hope that you'll continue to give us your support.

initial target to be achieved we will continue to work very hard to achieve our initial target so i would hope that you will continue to give us your support


Taken together, these products will give Integra a comprehensive set of solutions for ankle fixation and arthroplasty, further differentiating us from the competition.

taken together these products will give integra a comprehensive set of solutions for ankle fixation and arthroplasty further differentiating us from the competition


that our business leaders and our sales teams did across the whole of last year meant that we kept growing the pipeline, building the pipeline

that our business leaders and our sales teams did across the whole of last year meant that we kept growing the pipeline building the pipeline


the first step is to rewrite it into the platform and so it's part of the platform. It's embedded in the platform, so that all customers can capitalize and take advantage of it,

the first step is to rewrite it into the platform and so it's part of the platform embedded in the platform so that all customers can capitalize and take advantage of it


financial automation and it's something that we have not done historically, but now this is a big year. We want to put that in, and all the know-how and power and the teams we have for technology,

financial automation and it's something that we have not done historically but now this is a big year we want to put that in and all the know-how and power and the teams we have for technology


If we feel the Intermodal division is not likely to attain this objective, we evaluate all options available to Swift. We have not made recent investments

if we feel the intermodal division is not likely to attain this objective we evaluate all options available to swift we have not made recent investments


While a material percentage of our revenue is informed by markets and not in our control, we can control expenses. We will intervene further, if necessary.

while a material percentage of our revenue is informed by markets and not in our control we can control expenses we will intervene further if necessary


where you can find the respective presentation available. You can control also the slide show. The replay of this event will be available soon after its end.

where you can find the respective presentation available you can control also the slideshow the replay of this event will be available soon after it ends


Prices are always going to be retroactive to January 1. Just out of the fact that there are so few people here at Gray

prices are always going to be retroacted to january 1 just out of the fact that there are so few people here at gray


if there will be some type of event or if we will get any spaces back. What I would point to is the progress that we've made on the Payless spaces that we have taken back,

if there will be some type of event or if we will get any spaces back what i would point to is the progress that we've made on the payless spaces that we have taken back


And we believe we have the expertise and the will to continue applying them to the different businesses. We don't believe we have reached the end of this.

and we believe we have the expertise and the will to continue applying them to the different businesses we don't believe we have reached the end of this


We scored better than 84% of all participating companies. This is an excellent score when you take into account the quality of the other companies that we were benchmarked against.

we scored better than 84% of all participating companies this is an excellent score when you take into account the quality of the other companies that we were benchmarked against


we also continued to generate data to help increase the level of health professional awareness regarding TD in patients with neuropsychiatric disorders.

we also continue to generate data to help increase the level of health professional awareness regarding td in patients with neuropsychiatric disorders


And we're relying on them to keep up the momentum and minimize any distractions for our customers. So that can be a big focus for us

and we're relying on them to keep up the momentum and minimize any distractions for our customers so that's going to be a big focus for us


Our margin continues to benefit from a combination of operating leverage as well as some of the discrete initiatives that we spoke about at our Investor Day.

our margin continues to benefit from a combination of operating leverage as well as some of the discrete initiatives that we spoke about at our investor day


My point in reviewing this detailed information with you about our organization is so that you will understand that while we are changing our business strategy in a way that more closely resembles what we did years ago,

my point in reviewing this detailed information with you about our organization is so that you will understand that while we are changing our business strategy in a way that more closely resembles what we did years ago


and based upon our reinvestment and the price point that we offer, we really offer a unique product, both on the office and on the retail side.

and based upon our reinvestment and the price point that we offer we really offer a unique product both on the office and on the retail side


We are currently undertaking a new zero-based budgeting process, which we expect will result in both cost savings and allow us to fund some strategic investments.

we are currently undertaking a new 0-based budgeting process which we expect will result in both cost savings and allow us to fund some strategic investments


And I understood you correctly to one of the previous questions, that the official goal for the guidance is to improve the adjusted EBIT margin because you can't control what's coming below.

and i understood you correctly to one of the previous questions that the official goal for the guidance is to improve the adjusted ebit margin because you can't control what's coming below


Given that we are making significant progress in stabilizing the cost structure of the business, our plan is to continue to invest in the infrastructure to improve operations.

given that we are making significant progress in stabilizing the cost structure of the business our plan is to continue to invest in infrastructure to improve operations


Now I will turn the call over to Rick Vilsoet. Thank you, Steve. Except for historical information, the statements made by company management during this call may be forward-looking

now i will turn the call over to rick billsway thank you steve except for historical information the statements made by company management during this call may be forward-looking


Now turning to each of our practice groups. Our Financial Services group recorded another quarter of strong growth, both in revenue and in contributions to earnings.

now turning to each of our practice groups our financial services group recorded another quarter of strong growth both in revenue and in contributions to earnings


The first is to reshape our organization for success. We've put in place a new executive leadership team that possesses a demonstrated track record of success.

the first is to reshape our organization for success we put in place a new executive leadership team that possesses a demonstrated track record of success


we go back to last year, it looked like you were anticipating some larger orders in that market. It sounded like multiple customers that didn't play out.

we go back to last year it looked like you were anticipating some larger orders in that market it sounded like multiple customers that didn't play out


We don't really have a kind of total amount of acreage we'd like to have in that area. Frankly, I would take all the acres we can given the results that we've gotten there already.

there -- we don't really have a kind of total amount of acres we'd like to have in that area frankly i'd take all the acres we can given the results that we've gotten there already


With more than 300 patients enrolled, we believe that the ADVOCATE trial is the largest randomized controlled clinical trial of a novel drug candidate

with more than 300 patients enrolled we believe that the advocate trial is the largest randomized controlled clinical trial of a novel drug candidate


We've been testing the card out internally now for several months and are on track to launch more broadly to our members beginning this quarter. This will be a phased rollout where we continue to increase how many members are invited to get the card.

we've been testing the card one internally now for several months and are on track to launch more broadly to our members beginning this quarter this will be a phased rollout where we continue to increase how many members are invited to get the card


not one at the expense of another. I feel confident, as we go into next year, that we will be able to continue to bring in enterprise deals.

not one at the expense of another i feel confident as we go into next year that we will be able to continue to bring in enterprise deals


So Keith now reports to Patricia, and he will be able to spend virtually all of his time or his day job with customers in the field

so keith now reports to patricia and he will be able to spend virtually all of his time or his day job with customers in the field


that's helpful. And then a follow-up if I may on that question. When you decided to exit the mobile business in September of '15, you talked about reducing

that's helpful and then a follow-up if i may on that question when you decided to exit the mobile business in september of '15 you talked about reducing


Margin compression was more than anticipated this quarter due to lower prepayment and trust preferred security payoff income which tend to be less predictable from quarter-to-quarter.

margin compression was more than anticipated this quarter due to lower prepayment and trust preferred security payoff income which tend to be less predictable from quarter-to-quarter


Thank you all, our loyal supporters who have been with us for many years and to hell with the naysayers. This has been a wonderful 20 years, and many have been with us since we started.

thank you all our loyal supporters who've been with us for many years and to hell with the naysayers this has been a wonderful 20 years and many have been with us since we started


We believe our consistent financial results year after year reflect the value of this customer focus and the strength of our business model.

we believe our consistent financial results year after year reflect the value of this customer focus and the strength of our business model


and Citibank Colombia. While there was some volatility in the region related to trade negotiations and elections, we delivered record earnings,

and citibank columbia while there was some volatility in the region related to trade negotiations and elections we delivered record earnings


And then it's -- you may not see that for another quarter, another year, so there's a little bit more transactional nature to that.

and then it's -- you don't -- you may not see that for another quarter another year so there's a little bit more transactional nature to that


Well, I think if you go back and read our transcripts for the last 10 quarters, we've been saying the same thing. Having said that,

well i think if you go back and read our transcripts for the last 10 quarters we've been saying the same thing having said that


as they work through some of those challenges associated with the -- those deals. But we're not going to break out with specificity as we did through the first 4 quarters, nor do we with other deals that -- after we announce them.

as they work through some of those challenges associated with the -- those deals but we're not going to break out with specificity as we did through the first 4 quarters nor do we with other deals that -- after we announced them


allows you to price and allows you to drive margins. So the margin profile on this business is good

allows you to price and allows you to drive margins so the margin profile on this business is good


Maybe not 20 plus percent like we were able to see last year, but we still have good, solid expectations for fall protection in this business.

maybe not 20-plus percent like we were able to see last year but we still have good solid expectations for fall protection in this business


Unfortunately, this could take well over a year to proceed. However, we're confident that we are well represented and we will update our shareholders when there is news to share.

unfortunately this could take well over a year to proceed however we're confident that we are well represented and we will update our shareholders when there is news to share


Margins were also impacted by the lower industrial linings volume in the quarter. However, declines were partially offset by strong performance on the large international coating project

margins were also impacted by the lower industrial linings volume in the quarter however declines were partially offset by strong performance on the large international coating projects


Our current customers' are growing in their respective markets, and we are gaining new customers. Our plant floor is busier than it has been in many years.

our current customers are growing in their respective markets and we are gaining new customers our plant floor is busier than it has been in many years


And we are in advanced talks with a limited number of potential new national and international bank partners and are optimistic to

and we are in advanced talks with a limited number of potential new national and international bank partners and are optimistic to


In the Czech Republic and Slovakia, the margins have been falling for several years now. The construction climate is getting tenser as has been expected by us.

in the czech republic and slovakia the margins have been falling for several years now the construction climate is getting tenser as has been expected by us


As foundry customers optimize existing capacity, they have trimmed their capital spending plans for the year. They are still pushing forward with leading-edge development,

as foundry customers optimize existing capacity they have trimmed their capital spending plans for the year they are still pushing forward with leading-edge development


But because of the broader industry feeling towards this, if we do migrate towards higher base salaries and less incentives for branch people,

but because of the broader industry feeling towards this if we do migrate towards higher base salaries and less incentives for branch people


It is increasingly hard to achieve that dream by purchasing a home due to stagnant wages, student debt and a lack of supply of entry-level, single-family housing.

it is increasingly hard to achieve that dream by purchasing a home due to stagnant wages student debt and a lack of supply of entry-level single-family housing


They don't want to have to bring a solution in from over here, a solution in from over there and a solution -- and then assemble them together. By providing that consolidated solution and by finding some great

they don't want to have to bring a solution in from over here a solution in from over there and a solution and then assemble them together by providing that consolidated solution and by finding some great


The forecast for all income levels are unchanged. This slide shows the factors affecting full year operating income.

the forecast for all income levels are unchanged this slide shows the factors affecting full year operating income


Meanwhile, although we have yet to generate the expected results in the powdered juice business, which accounted for the lion's share of our Indonesian business,

meanwhile although we had yet to generate the expected results in the powder juice business which accounted for the lion's share of our indonesian business


on public companies to have better risk management. And companies are coming to the conclusion that they need to step up their activities and raise their game when it comes to risk management.

on public companies to have a better risk management and companies are coming to the conclusion that they need to step up their activities and raise their game when it comes to risk management


The economics were favorable for these 2 rigs as a substantial amount of the spends related to the components for these rigs were committed to prior to the downturn.

the economics were favorable for these 2 rigs as a substantial amount of the spins related to the components for these rigs were committed to prior to the downturn


what we needed to do was go out and recruit additional people to draw business in for us, and that's exactly what we did. We hired 2 additional producing sales managers in the fourth quarter.

what we needed to do was go out and recruit additional people to draw business in for us and that's exactly what we did we hired 2 additional producing sales managers in the fourth quarter


Relative to divestitures, which I think is really the first part of your question there, it isn't just the margin profile that we would look at. It would be really mission alignment.

relative to divestitures which i think is really the first part of your question there it isn't just the margin profile that we would look at it would be really mission alignment


The second piece that we talked about, we've got to launch the products that we've been openly communicating are important to the portfolio to get our reps back on full offense.

the second piece that we've talked about is we've got to launch the products that we've been openly communicating are important to the portfolio to get our reps back on full offense


a lot of those contracts are based on Belvieu index. So you are correct, we are -- we have a requirement in our contracts that

a lot of those contracts are based on a buildview index so you are correct we are -- we have a requirement in our contracts that


that they just take time to develop. We have good folks tracking multiple opportunities. We have a great technology and a great product to bring to the marketplace

that they just take time to develop we have good folks tracking multiple opportunities we have a great technology and a great product to bring to the marketplace


organizational changes we've made in the company. And you see the effects coming through even earlier than we expected with the 50 basis points operating expense

organizational changes we've made in the company and you see the effects coming through even earlier than we expected with the 50 basis points operating expense


Spreads continues to drag on the total growth of Food. You may remember that last year, we said that the performance of the BCS unit, the spreads unit,

spreads continues to drag on the total growth of food you may remember that last year we said that the performance of the bcs unit the spreads unit


We have opened up one new branch during the quarter and have appointed also 2 new branch managers for new openings,

we have opened up one new branch during the quarter and have appointed also 2 new branch managers for new openings


So the primary focus we have now is on recurring revenue growth, and so the best way to drive better CAC ratios

so the primary focus we have now is on recurring revenue growth and so the best way to drive better cac ratios


As Brendan stated in his remarks, we are working on opportunities in our wholesale and retail segments to better capitalize on the brand equity, while taking actions to reduce our cost structure,

as brendan stated in his remarks we are working on opportunities in our wholesale and retail segments to better capitalize on the brand equity while taking actions to reduce our cost structure


is one of the most, if not the most significant announcement that we've made, because it talks to the modern engineering capabilities of the company that is

one of the most if not the most significant announcement that we've made because it talks to the modern engineering capabilities of the company that is


to drive comp. But again, growing greater market share in this market. So I have no doubt that China will be back on track very soon in terms of our comp.

to drive comp but again growing greater market share in this market so i have no doubts that china will be back on track very soon in terms of our comp


Revenue came in below our expectations in the quarter due to slower-than-anticipated seasonal ramps with a few clients in the technology and health care industries

revenue came in below our expectations in the quarter due to slower than anticipated seasonal ramps with a few clients in the technology and health care industries


We do have -- and in that market obviously, we do have our 48-volt initiatives, but we do have 12-volt products as well that can

we do have -- in that market obviously we do have our 48-volt initiatives but we do have 12-volt products as well that can


Low rates, excellent service levels, a strong housing market and a full complement of loan officers have combined to provide momentum in that business line.

low rates excellent service levels a strong housing market and a full complement of loan officers have combined to provide momentum in that business line


Certainly, Europe has quite a few businesses that we're looking at that are -- more of them are privately owned. Some of them are divisions of larger companies.

certainly europe has quite a few businesses that we're looking at that are -- more of them are privately owned some of them are divisions of larger companies


With that review of key financial highlights, I ask you to turn to Slide 8, where we provide a more detailed review of our business results, beginning with our Insulation business.

with that review of key financial highlights i ask you to turn to slide 8 where we provide a more detailed review of our business results beginning with our insulation business


They are not completely ramped up yet. They will continue to ramp up over this year and actually into next year to a degree. Because not only do you have to open the sales centers, you then are

they are not completely ramped up yet they will continue to ramp up over this year and actually into next year to a degree because not only do you have to open the sales centers you then are


impact Sulzer's situation, does not impact the deal that we have in place, and does not impact the license to operate that we have from OFAC. So we've been cleared

impact sulzer's situation does not impact the deal that we have in place and does not impact the license to operate that we have from oxfam so we've been clear


the -- you have to remember that into the business plan, most of the cash generation that were foreseen into the business plan was related to

you have to remember that into the business plan most of the cash generation that were foreseen into the business plan was related to


you can get on the higher end, but it's still related to price, and it's how far they drop the price, and how far you're going to go down with it. Because

you can get on the higher end but it's still related to price and it's how far they drop the price and how far you're going to go down with it because


These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from our corporate working statements. And therefore, you should exercise caution in interpreting and relying on them.

these statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from our corporate working statements and therefore you should exercise caution in interpreting and relying on them


I would say it's a normal characteristic of our business that customers will delay things based on larger programs. Given where we are at the moment in the cycle and suppose is the answer to the last question as well,

i would say it's a normal characteristic of our business that customers will delay things based on larger programs given where we are at the moment in the cycle it's partially the answer to the last question as well


except where it is organizationally and economically better for us to move funds between jurisdictions where we do business.


Over the past 6 months, the company has explored multiple refinancing alternatives to ensure we would achieve the best possible terms with the right long-term partners.

over the past 6 months the company has explored multiple refinancing alternatives to ensure we would achieve the best possible terms with the right long-term partners


Productivity will continue to play a significant role in 2019 and our stage 2 initiatives are just about planned out with execution commencing in the New Year

productivity will continue to play a significant role in 2019 and our stage 2 initiatives are just about planned out with execution commencing in the new year


We have a very strong presence in China, and most of our business there is license compliance. So these are licenses that have been pirated. We're not really

we have a very strong presence in china and most of our business there is license compliance so these are licenses that have been pirated we're not really


The increase is primarily attributed to a notable reduction in product costs, given the expected benefit from lower commodities, sourcing benefits from a strong U.S. dollar and other cost-reduction efforts.

the increase is primarily attributed to a notable reduction in product cost given the expected benefit from lower commodities sourcing benefits from a strong u s dollar and other cost reduction efforts


Maybe give us some color on what your thoughts are on your production and distribution facilities going forward. And are there further opportunities to consolidate there?

maybe give us some color on what your thoughts are on your production and distribution facilities going forward and are there further opportunities to consolidate there


And then from a conversion to REIT, we expect that we will reflect the financials of the company under a REIT structure in the fourth quarter.

and then from a conversion to reit we expect that we will reflect the financials of the company under a reit structure in the fourth quarter


So you've got a good network effect both on core PayPal and on Venmo. And then I think what's really important, a lot of people think about the top of the funnel,

so you've got a good network effect both on core paypal and on venmo and then i think what's really important a lot of people think about the top of the funnel


there could be a cost associated with it. But then there could be a competitive advantage because that would effectively -- if in fact, there is evidence of, as you refer to dumping,

there could be a cost associated with it but then there could be a competitive advantage because that would effectively if in fact there is evidence of as you referred to dumping


for that right now. So on broadly flat capacity, which we're going to put in, from where we stand today we're seeing strong demand out there in the remainder of the year.

for that right now so on broadly flat capacity which we're going to put in from where we stand today we're seeing strong demand out there in the remainder of the year


but also to change equity exposures up or down or from emerging markets to develop markets and vice versa and -- but also

but also to change equity exposures up or down or from emerging markets to developed markets and vice versa and -- but also that


It does include a few months of Advance. It does include the modest impact of higher interest rates. What you're really saying is that

it does include a few months of advance it does include the modest impact of higher interest rates what you're really saying is that


Let me just adjust the slide because there seem to be a small issue in the presentation, I apologize for that. But

let me just address the slide because there seemed to be a small issue in the presentation i apologize for that but


Human Resources are fundamental to developing the company. By creating business value through leveraging our ingenuity and pursuit of innovation,

human resources are fundamental to developing the company by creating business value through leveraging our ingenuity and pursuit of innovation


including continued material reengineering and restructuring savings as well as fixed cost leverage from strong volume growth and the benefit of approved product mix.


Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove to be incorrect, actual results may vary materially from those we express today.

should one or more of these risks or uncertainties materialize or should underlying assumptions or estimates prove to be incorrect actual results may vary materially from those we express today


it falls under. And then, just can you just quickly remind us, how many how much capital gains from the Cindat transaction you guys still have remaining to deploy in the back half of the year?

it falls under and then just can you just quickly remind us how many -- how much capital gains from the syndate transaction you guys still have remaining to deploy in the back half of the year


In addition, during today's call, the company will refer to a slide presentation that it has made available to participants, which can be accessed in a downloadable PDF format

in addition during today's call the company will refer to a slide presentation that it has made available to participants which can be accessed in a downloadable pdf format


I could theoretically end the call right there and go to questions, but I promised the team I'd walk through the rest of the slides. So bear with us. And I'm going to move to Slide 5 now, which summarizes

i could theoretically end the call right there and go to questions but i promised the team i'd walk through the rest of the slides so bear with us and i'm going to move to slide 5 now which summarizes


we are seeing opportunities with quoting activity for a handful of new natural gas processing plants and feed studies for modular mid-scale LNG export facilities.

we are seeing opportunities with quoting activity for a handful of new natural gas processing plants and feed studies for modular mid-scale lng export facilities


Importantly, as part of Tax Reform, we elected out of use in our NOLs to offset the mandatory repatriation tax in order to fully utilize our foreign tax credits.

importantly as part of tax reform we elected out of using our nols to offset the mandatory repatriation tax in order to fully utilize our foreign tax credits


So that also was a huge factor. We did look at a C corp, because we knew that a C corp would give us the most flexibility frankly of any structure, even more

so that also was a huge factor we did look at a c corp because we knew that a c corp would give us the most flexibility frankly of any structure even more


part of our capital outline. I'm looking into the terminals, what have we spent in the terminals? How can I be more efficient in the terminals? How can I help and give the tools to the operating guys to be able to get cars

part of our capital outline i'm looking at the terminals what have we spent in the terminals how can i be more efficient in the terminals how can i help and give the tools to the operating guys to be able to get cars


In closing, Q2 was an operational and financial success and continued evidence of our ability to efficiently manage the business in a period of sustained high growth.

in closing q2 was an operational and financial success and continued evidence of our ability to efficiently manage the business in a period of sustained high growth


Apart from having our own platform, which we've given to a large number of agents and billers, we will also work with banks to be able to provide

apart from having our own platform which we have given to large number of agents and dealers we will also work with mands to be able to provide


Additionally, we continue to evaluate inorganic growth opportunities as well as strategic partnerships that would enhance our programs and offer incremental customer value.

additionally we continue to evaluate inorganic growth opportunities as well as strategic partnerships that would enhance our programs and offer incremental customer value


and we've developed the deposition tools for that market and are generating very good film quality. So

and we've developed the deposition tools for that market and are generating very good film quality so


that is both sustainable and above the sector average and we certainly look forward to talking to all of you in coming weeks in more detail with the post results meetings.

that it's both sustainable and above the sector average and we certainly look forward to talking to all of you in coming weeks in more detail with the post results meeting so


is the Pinnacle asset just in a completely different place than maybe you thought it was when you agreed to the deal? Because I'm still -- I guess, I'm seeing some of the -- hearing some of the language

is the pinnacle asset just in a completely different place than maybe you thought it was when you agreed to the deal because i'm still -- i guess i'm seeing some of the -- hearing some of the language


Management may also discuss certain non-GAAP financial measures. Reconciliations of each non-GAAP financial measure to the comparable GAAP measure are included in our press release,

management may also discuss certain non-gaap financial measures reconciliations of each non-gaap financial measure to the comparable gaap measure are included in our press release


The third theme is that we have a real opportunity to raise our visibility and awareness with executive and decision makers across the enterprise.

the third theme is that we have a real opportunity to raise our visibility and awareness with executives and decision makers across the enterprise


My parting words come from the music of the road during those early days of fighting our way into the market. Thank you, Mr. Springsteen, for the advice,

my parting words come from the music of the road during those early days of fighting our way into the market thank you mr springsteen for the advice


I'm also full of pride. We have acquired and developed an extensive catalog, serving customers from family farms to port facilities and everything in between.

i'm also full of pride we have acquired and developed an extensive catalog serving customers from family farms to pork facilities and everything in between


the total reactivation cost of the fleet to be as well and whether you expect all 20 of these fleets to be working by the culmination of the end of this year.


What we're really doing in Ithaca is we're creating essentially a microcosm of what we view the utility of the future to be.

what we're really doing in ithaca is we're creating essentially a microcosm of what we view the utility of the future to be


Then, we're in Digital Services. We have the first year now focused on getting the right strategy in place, software-led strategy,

then we are in digital services we have the first year now focused on getting the right strategy in place software-led strategy


This is a major release for a key technology priority area that provides users with a faster experience and provides us with a cutting-edge platform for future development.

this is a major release for a key technology priority area that provides users with a faster experience and provides us with a cutting-edge platform for future development


Summing up, transformation we're pursuing in our culture and in our operations should result in a meaningful and favorable transformation in outcomes for our company and shareholders.

summing up the transformation we're pursuing in our culture and in our operations should result in a meaningful and favorable transformation in outcomes for our company and shareholders


This is an area of continuous focus and improvement. However, we expect to see positive contribution from these and other activities to both our cost and quality of service this year.

this is an area of continuous focus and improvement however we expect to see positive contribution from these and other activities to both our cost and quality of service this year


And there's going to be opportunities that we see near term for bolt-ons and expansions that we're working on with our existing customers to add more capacity. So

and there's going to be opportunities that we see near term for bolt-on and expansions that we're working on with our existing customers to add more capacity so


some others across the industry. But just want to make sure we understand just mechanically the right way to think about it between how you contract out

some others across the industry but just want to make sure we understand just mechanically the right way to think about it between how you contract out


That was for Baffinland, providing the opportunity for us to demonstrate our service abilities in complicated and tough environments. This highlights our skill set and our competitive advantage.

that was for bafinland providing the opportunity for us to demonstrate our service abilities in complicated and tough environments this highlights our skill set and our competitive advantage


In addition, this change will enable us to improve our supply chain logistics, thereby improving efficiency and will help us reduce our investment in working capital.

in addition this change will enable us to improve our supply chain logistics thereby improving efficiency and will help us reduce our investment in working capital


may just require our Industrial Services folks to provide maintenance and turnaround services for them. And they're not going to be heavy waste generators. But on the other hand, we've got some chemical

may just require our industrial services folks to provide maintenance and turnaround services for them and they're not going to be heavy waste generators but on the other hand we've got some chemical


Rather than follow our conventional format of highlighting key accomplishments in the quarter, I would like to focus my commentary on answering the most common inquiries we have received.

rather than follow our conventional format of highlighting key accomplishments in the quarter i would like to focus my commentary on answering the most common inquiries we have received


This is the result of the acquisitions we made in mature markets, combined with the continued weakening currency situation in the high-growth markets.

this is the result of the acquisitions we made in mature markets combined with the continued weakening currency situation in the high-growth markets


That said, there seems to be some considerable concern in the investment community with regard to potential future transactions which Suncor might undertake.

that said there seems to be some considerable concern in the investment community with regard to potential future transactions that suncor might undertake


We also expect a steady stream of underpinning work, anchored in part by what we are seeing in Europe, where a number of refinery projects appear to be gaining momentum.

we also expect a steady stream of underpinning work anchored in part by what we are seeing in europe where a number of refinery projects appear to be gaining momentum


It's important to note that the vast majority of these revenues, meaning greater than 90%, will shift to newer generation products with improved margins and reduced manufacturing complexities.

it's important to note that the vast majority of these revenues meaning greater than 90% will shift to newer generation products with improved margins and reduced manufacturing complexities


There is a smaller piece of our business on the creative tools side. We will be transitioning that in the first half of the year. As we transition that, we do expect to see gains in impressions offset by declines in price.

there is a smaller piece of our business on the creative tool side we will be transitioning that in the first half of the year as we transition that we do expect to see gains in impressions offset by declines in price


We are determined to have a close-knit, hard-working team that is brimming with positive energy, and we will continue to make the necessary changes to ensure that everyone at our company is aligned with our values.

we are determined to have a close-knit hard-working team that is brimming with positive energy and we will continue to make the necessary changes to ensure that everyone at our company is aligned with our values


Michel, you talked about filling up the pipeline more and with the launch of anti-tau, are you comfortable with the number of assets or mechanisms that you have in the Alzheimer's portfolio?

michelle you talked about filling out the pipeline more and with the launch of anti-tau are you comfortable with the number of assets or mechanisms that you have in the alzheimer's portfolio


was actually the highest absolute dollar growth in the history of Bell Mobility, and that was driven through the subscriber growth and the continued increase in strong average revenue per customer.

was actually the highest absolute dollar growth in the history of bell mobility and that was driven through the subscriber growth and the continued increase in strong average revenue per customer


it sounds like we'll have more retail versus wholesale next year. I would have thought that would have been a benefit. So I guess, I'm just struggling a little bit with the idea of

it sounds like we'll have more retail versus wholesale next year i would have thought that would have been a benefit so i guess i'm just struggling a little bit with the idea of


We undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after this date or to reflect the occurrence

we undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after this date or to reflect the occurrence


deferred tax rates in South Africa, together with the deferred tax assets not recognized, all resulted in the increase in the overall tax rate.

deferred tax rates in south africa together with the deferred tax assets not recognized all resulted in the increase in the overall tax rate


expenditure that we flagged well in advance as we put money to work internally, extending life at our best assets and improving margins wherever possible.

expenditure that we flagged well in advance as we put money to work internally extending life at our best assets and improving margins wherever possible


Customers continue to value PolyOne's unique ability to offer consistency in both solid and liquid colorants across the globe.

customers continue to value polyone's unique ability to offer consistency in both solid and liquid colorants across the globe


but I should note that China's cross-border volumes growth continued to be strong. This was reflective of the overall trend as cross-border growth was robust around the globe.

but i should note that china's cross-border volumes growth continued to be strong this was reflective of the overall trend as cross-border growth was robust around the globe


And lastly, incremental investments related to ongoing growth opportunities for new product development and channel management as well as corporate initiatives tied to our strategy

and lastly incremental investments related to ongoing growth opportunities for new product development and channel management as well as corporate initiatives tied to our strategy


and continued expansion of our routes to market, including e-commerce, all while continuing to drive cost reduction across the enterprise.

and continued expansion of our routes to market including e-commerce all while continuing to drive cost reduction across the enterprise


For each opportunity analyzed, the company identified those responsible in each operation and the actions required to transform them into reality.

for each opportunity analyzed the company identified those responsible in each operation and the actions required to transform them into reality


For the full year, we're currently expecting the change in revenue recognition will not be material to our consolidated net revenue, but this is all subject to variability in the number,

for the full year we're currently expecting the change in revenue recognition will not be material to our consolidated net revenue but this is all subject to variability in the number


The second element was we bought more protection in 2 areas of the account. Firstly, within the large lawyers and architects and engineers within specialty lines

the second element was we bought more protection in 2 areas of the account firstly within the large lawyers and architects and engineers within specialty lines


healthy consternation around the rent guidelines, Board meeting coming up in June and some of the impacts there. So maybe one, if you could provide some thoughts on what you think the outcome could be there.

healthy concernation around the rent guidelines board meeting coming up in june and some of the impacts there so maybe one if you could provide some thoughts on what you think the outcome could be there


And I think -- all I can do -- I realize the frustration that's there, all I can do is say is be patient. Our first quarter numbers will be out in about a month,

and i think all i can do -- i realize the frustration that's there all i can do is be patient our first quarter numbers will be out in about a month


Now moving on to our growth projects, where several of our projects continue to ramp up in the fourth quarter while others are in the construction phase and moving toward completion.

now moving on to our growth projects where several of our projects continue to ramp up in the fourth quarter while others are in the construction phase and moving toward completion


really to those 2 things. We're at that part of the cycle where it's probably about peak supply. I think we've seen some indicators that would suggest that

really to those 2 things we're at that part of the cycle where it's probably about peak supply i think we've seen some indicators that would suggest that


bouncing around, not just every day, but for the past, really, since last summer. So we want to make sure that we're protecting capital while producing these returns. I would say

bouncing around not just every day but for the past really since last summer so we want to make sure that we're protecting capital while producing these returns i would say


Leveraging our global data assets has always been a strength of Equifax. We are refocusing on our speed to market and leveraging products across our global footprint.

leveraging our global data assets has always been a strength of equifax we are refocusing on our speed to market and leveraging products across our global footprint


And it appears we have no questions at this time. So this concludes our question-and-answers section. I would now like to turn the conference back over to management for any closing remarks.

and it appears we have no questions at this time so this concludes our question-and-answer session i would now like to turn the conference back over to management for any closing remarks


In addition to the impact of a large-scale project in the financial services field and the development of My Number projects in the public sector passing their peak,

in addition to the impact of a large-scale project in the financial services field and the development of my number projects in the public sector passing their peak


so it will be necessary for us to carefully ascertain a realistic level for customer demand, both inside and outside Japan, for the next fiscal year and beyond.

so it will be necessary for us to carefully ascertain a realistic level for customer demand both inside and outside japan for the next fiscal year and beyond


This is a key area for us to secure that we can invest also in the future commercially in a market while being profitable.

this is a key area for us to secure that we can invest also in the future commercially in our market while being profitable


As I approach my first 100 days as the CEO of Fred's Pharmacy, it is important that I share with you the vision for the company that I have shared with the board.

as i approach my first 100 days as the ceo of fred's pharmacy it is important that i share with you the vision for the company that i have shared with the board


We will also be referring to certain non-GAAP financial measures. Additional information regarding these measures can be found in the slides labeled Non-GAAP Financial Information at the end of the presentation.

we will also be referring to certain non-gaap financial measures additional information regarding these measures can be found in the slides labeled non-gaap financial information at the end of the presentation


with conservative balance sheet leverage and access to a variety of attractive equity and debt options to fund the large pipeline of investment opportunities.

with conservative balance sheet leverage and access to a variety of attractive equity and debt options to fund a large pipeline of investment opportunities


significantly less? And if so, what kind of a run rate of production across your different product lines you would expect to see in -- into the final quarter,

significantly less and if so what kind of a run rate of production across your different product lines you would expect to see in -- into the final quarter


I think if things are going to change in the future with these subscription video-on-demand platforms, if they're going to ultimately embrace the kind of measurement we can provide,

i think if things are going to change in the future with these subscription video on demand platforms if they're going to ultimately embrace the kind of measurement we can provide


We are making system changes to accommodate best practices we identified in our planning and we are working to execute these changes as quickly as possible.

we are making system changes to accommodate best practices we identified in our planning and we are working to execute these changes as quickly as possible


view as being good performance, is that a fair comment? Or... Absolutely, particularly when you think of the -- as you mentioned at the start of your question, with respect to

view as being good performance is that a fair comment or oh absolutely particularly when you think of the -- as you mentioned at the start of your question with respect to


The result is that at peak utilization, we are only using 25% of our available capacity, which means that we are well positioned to not only add customers

the result is that at peak utilization we are only using 25% of our available capacity which means that we are well positioned to not only add customers


Following robust discussions with key opinion leaders, we believe there may be an opportunity to advance the development program and specifically target a higher risk population of infants

following robust discussions with key opinion leaders we believe there may be an opportunity to advance the development program and specifically target a higher-risk population of infants


further examine our international footprint, yes, we would expect both additional restructuring charges there as well as additional cost savings associated with those actions.

further examine our international footprint we would expect both additional restructuring charges there as well as additional cost savings associated with those actions


but also having special programs to make sure that the people who come in stay longer so that the attrition rate is lower than we had before.


Construction continues on the addition component of the development with significant advancement on the infill work and the additional floors on top of the existing structure.

construction continues on the additional components of the development with significant advancement on the infill works and the additional floors on top of the existing structure


In order to facilitate our growth through 2018 and to support our growing demand for delivery later this year, we have made some investments during the quarter.

in order to facilitate our growth through 2018 and to support our growing demand for delivery later this year we have made some investments during the first quarter


as one of America's best employers in 2018. Our Pennsylvania operations were also recognized as Best Places to Work for Disability Inclusion

as one of america's best employers in 2018 our pennsylvania operations were also recognized as best places to work for disability inclusion


it's hard for us to get a real read on any destocking that's going on. But anecdotally, we do think that there was some of that in the fourth quarter

it's hard for us to get a real read on any destocking that's going on but anecdotally we do think that there was some of that in the fourth quarter


while benefiting from the strategic investments we've made to drive improved shareholder value. With that, I'll turn it back over to Eric for questions. Eric?

while benefiting from the strategic investments we've made to drive improved shareholder value with that i'll turn it back over to eric for questions eric


Within this environment, we will focus on investing intelligently to grow the top line and offset that investment through our mix advantage and our relentless focus on cost management

within this environment we will focus on investing intelligently to grow the top line and offset that investment through our mix advantage and our relentless focus on cost management


As part of the preparation, we intend to maintain what I refer to as our optionality with regard to the cellulite opportunity and its potential commercialization.

as part of the preparation we intend to maintain what i refer to as our optionality with regard to the cellulite opportunity and its potential commercialization


applying these benefits to their operations. I'm not going to disclose the amount. I did not do that before and I'm not going to do it now. But

applying this benefit to their operations i'm not going to disclose the amount i did not do that before and i'm not going to do it now but


which more than offset the positive impact of a rise in operating lease revenues, an increase in revenue from the sale of returned leased vehicles as well as other factors.

which more than offset the positive impact of a rise in operating lease revenues an increase in revenue from the sale of return lease vehicles as well as other factors


We continue to see the wafer fab equipment market and Applied Materials being sustainably larger and less cyclical today than in the past.

we continue to see the wafer fab equipment market and applied materials being sustainably larger and less cyclical today than in the past


And I echo his sentiments as we absolutely believe these investments are creating exciting new products and will generate higher revenue and better margins in the future.

and i echo his sentiments as we absolutely believe these investments are creating exciting new products that will generate higher revenue and better margins in the future


enhancement to our core system. We did shop this around. This system is used by many foreign exchange shops, large to smaller ones as well.

enhancement to our core system we did shop this around this system is used by many foreign exchange shops large to smaller ones as well


Second, we are continuing to fund our growth projects but at a lower long-term cost of equity capital than continuing to issue common equity in today's market.

second we are continuing to fund our growth projects but at a lower long-term cost of equity capital than continuing to issue common equity in today's market


They step up. So it's just a continuing travail that we think in the long run will turn out well. But in the short run,

they step up so it's just a continuing travail that we think in the long run will turn out well but in the short run


And as discussed previously, we have been anticipating operating margins to gradually increase with the new work that we have been awarded over last year, and this is beginning to be reflected in our results.

and as discussed previously we have been anticipating operating margins to gradually increase with the new work that we have been awarded over the last year and this is beginning to be reflected in our results


and they run all the way through to delivery, where we need to balance the need for speed with the need to maintain our trading environments and, therefore, our retailers' performance and our income,

and they run all the way through to delivery where we need to balance the need for speed with the need to maintain our trading environments and therefore our retailers' performance and our income


so it will bring costs down. That you won't necessarily see us saving, because what we will be doing is we'll be reinvesting that money into more digital advertising.

so it will bring costs down that you won't necessarily see a saving because what we will be doing is we'll be reinvesting that money into more digital advertising


And they are looking at us as the natural provider of them. So all these things together really give me confidence. Now how are we grading ourselves?

and they are looking at us as the natural provider of them so all these things together really give me confidence now how are we grading ourselves


In summary, Marlin's transition from primarily a micro-ticket lessor to a broader provider of credit products and services is a significant paradigm shift for the company.

in summary marlin's transition from primarily a microticket lessor to a broader provider of credit products and services is a significant paradigm shift for the company


While we had success across multiple verticals in the first quarter, we also demonstrated the power of our diversification strategy across geographies. We showed strong growth in the Americas

while we had success across multiple verticals in the first quarter we also demonstrated the power of our diversification strategy across geographies we showed strong growth in the americas


financing charges, the amortization of intangible assets and financial impacts associated with expected and actual dispositions of noncore businesses and assets, unless otherwise noted.

financing charges the amortization of intangible assets and financial impacts associated with expected and actual dispositions of noncore businesses and assets unless otherwise noted


and in cats. And that frustration, from our perspective, includes being frustrated with mirtazapine, whether that's an oral tablet or the multiple-y available

and in cats and that frustration from our perspective includes being frustrated with mirtazapine whether that's an oral tablet or the multiply available


as a large number of people entering the labor workforce outpaced the number of jobs added. Strong employment growth continues to fuel in-migration

as the large number of people entering the labor workforce outpaced the number of jobs added strong employment growth continues to fuel in-migration


As traditional power companies expand into the gas utility space, it provides us an opportunity to grow our business with new, larger combined power companies.

as traditional power companies expand into the gas utility space it provides us an opportunity to grow our business with new larger combined power companies


Additionally, in 2017, we are making a significant investment in our training and development, marketing and our sales management and sales training efforts as I previously discussed.

additionally in 2017 we are making a significant investment in our training and development marketing and our sales management and sales training efforts as i previously discussed


Our federal team performed admirably delivering good results in the first quarter, while the leadership team was pulling double duty to execute a purchase agreement in accordance with our bank covenant.

our federal team performed admirably delivering good results in the first quarter while the leadership team was pulling double duty to execute a purchase agreement in accordance with our bank covenant


in the broader industrial sector. We just hadn't seen it in 2015. We built a little bit of that conservatism into 2016 and that was part of the reason for stepping down the growth

in the broader industrial sector we just hadn't seen it in 2015 we built a little bit of that conservatism into 2016 and that was part of the reason for stepping down the growth


over a continuous period. So I would say the overwhelming majority of the upside is to come, and we haven't even scratched the surface of,

over a continuous period so i would say the overwhelming majority of the upside is to come and we haven't even scratched the surface of


and we wanted to make sure we were capturing that expense in our Siding segment rather than OSB was one of the reasons we did it. Sallie may have other things she should mention. But

and we wanted to make sure we were capturing that expense in our siding segment rather than osb was one of the reasons we did it sally may have other things she should mention but


Our store operations team made major strides over the past year in leadership development, training and executing operational excellence throughout all of our stores.

our store operations team made major strides over the past year in leadership development training and executing operational excellence throughout all of our stores


You are also cautioned that any forward-looking statements reflect management's current views only and the company undertakes no obligation to revise or update such statements in the future.

you are also cautioned that any forward-looking statements reflect management's current views only and the company undertakes no obligation to revise or update such statements in the future


or our direct connections with coffee farming communities around the world, including Yunnan in China. The proof and the quality are in the cup.

or our direct connections with coffee farming communities around the world including yunnan in china the proof and the quality are in the cup


or to update or revise the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

or to update or revise the reasons actual results could differ materially from those anticipated in these forward-looking statements even if new information becomes available in the future


But we've been very pleased with the new dealer network and Roadtec is really having a terrific year and really lining up for another great year next year, we think. So

but we've been very pleased with the new dealer network and rotex really having a terrific year and really lining up for another great year next year we think so


In summary, as we celebrate our 20th anniversary, we are reigniting our fundamental vision as a company, helping the world work differently.

in summary as we celebrate our 20th anniversary we are reigniting our fundamental vision as a company helping the world work differently


Would you consider putting a program in place, so if the stock did drop more precipitously and you were in a blackout period that you'd still be able to buy back stock?

would you consider putting a program in place so if the stock did drop more precipitously and you were in a blackout period that you'd still be able to buy back stock


So Mani, I think, we don't have anything quantitative, but there is an intuitive sense that if we allow patients

so moni i think we don't have anything quantitative but there is an intuitive sense that if we allow patients


So with a deep enterprise, we see a lot of opportunities for investment in the world and because we have the turnaround ability and we are working on 2 legs.

so with a deep enterprise we see a lot of opportunities for investment in the world and because we have the turnaround ability and we are walking on 2 legs


Well, there are a lot of changes in global, political and economic scenes, so many challenges were brought to us. With our hard work, we have achieved very good results.

well there are a lot of changes in global political and economic scenes so many challenges were brought to us with our hard work we have achieved very good results


Let's turn to Page 11. Northstar Portfolio performance. I want to reiterate from previous calls that we evaluate each business at the contribution margin level,

let's turn to page 11 northstar portfolio performance i want to reiterate from previous calls that we evaluate each business at the contribution margin level


To sum up, the semiconductor materials industry remains healthy. Semiconductor content is increasing everywhere, driven by new applications

to sum up the semiconductor materials industry remains healthy semiconductor content is increasing everywhere driven by new applications


as well as continued growth in smartphones and PCs. As long as our customers are producing wafers, we participate in a growth of semiconductor units.

as well as continued growth in smartphones and pcs as long as our customers are producing wafers we participate in the growth of semiconductor units


Each of our operating platforms continues to manage against their own specific targets and drive programs to deliver their share of our future growth.

each of our operating platforms continues to manage against their own specific targets and drive programs to deliver their share of our future growth


Our divisions are working on specific initiatives to further adapt to the external environment and position the company to take advantage of commercial opportunity.

our divisions are working on specific initiatives to further adapt to the external environment and position the company to take advantage of commercial opportunity


We are excited about the growth prospects in this segment as we continue to focus on business improvement initiatives and organic growth opportunities that include investing in our brands,

we are excited about the growth prospects in this segment as we continue to focus on business improvement initiatives and organic growth opportunities that include investing in our brands


But while we're in early stages of assessing whether the timing has come under pressure due to the various market and environmental challenge that we just went through over the last half hour.

but while we're in the early stages of assessing whether the timing has come under pressure due to the various market and environmental challenge that we just went through over the last half hour


add value? So either you've grown some share or you've done something so that these pressures are being blunted in some fashion.

add value so either you've grown some share or you've done something so that these pressures are being blunted in some fashion


as we noted in our announcement of July 19, in the end, those discussions ended without an offer that our board was willing to pursue.

as we noted in our announcement of july 19 in the end those discussions ended without an offer that our board was willing to pursue


So I expect that, over the year, we should pick up more orders also and maybe certain projects that will come up.

so i expect that over the year we should pick up more orders also and maybe certain projects that will come up


what some of the levers are you have to pull to keep the conversion rate really strong, whether it's CapEx or working capital or any other items to be aware of on the cash side?

what some of the levers are you have to pull to keep the conversion rate really strong whether it's capex or working capital or any other items to be aware of on the cash side


we have been conducting preliminary research in select market segments where Probuphine may be used for the treatment of opioid use disorder.

we have been conducting preliminary research in select market segments where probuphine may be used for the treatment of opioid use disorder


one of the major issues you have is your cost of raising turkeys is much higher and you have less pounds. But the price itself

one of the major issues you have is your cost of raising turkeys is much higher and you have less pounds but the price itself


have been held on conference calls instead of the big meetings. We've looked at how many people are going to conferences. We've reduced travel. Now those things aren't going to be

that have been held on conference calls instead of the big meetings we've looked at how many people are going to conferences we've reduced travel now those things aren't going to be


with Alpha included. I think that will happen in that late January, early February conversation. At that point we will own them we believe

with alpha included i think that will happen in that late january early february conversation at that point we will own them we believe


this quarter, we were actually with the customer who we onboarded, one of the big corporates. We're able to break down the walls that used to be there around vested equity.

this quarter we were actually with the customer who we onboarded one of the big corporates we're able to break down the walls that used to be there around vested equity


We continue to uncover characteristics for this drug candidate that make it even more compelling, and we are being very disciplined in its development to give the best possible chance for its success. We

we continue to uncover characteristics of this drug candidate that make it even more compelling and we are being very disciplined in its development to give it the best possible chance for success


After our comments, we'll be pleased to take your questions. Our earnings release and the slides for this call are available on our website at airproducts.com.

after our comments we'll be pleased to take your questions our earnings release and the slides for this call are available on our website at airproducts com


But for Ed, safety was the foundation. He emphasized that it required everyone's total commitment.

but for it safety was the foundation he emphasized that it required everyone's total commitment


pay down some of that debt over the next couple of years. So I think you kind of got to that point that we have the ability to

pay down some of that debt over the next couple of years so i think you kind of got to that point that we have the ability to


Maybe give us a little bit more flavor on how that has and then maybe even if we could drill down a little bit now until where the margin characteristics of those now differ.

maybe give us a little bit more flavor on how that has and then maybe even if we could drill down a little bit now into where the margin characteristics of those now differ


I think we're going to be disciplined and patient, is how I would characterize our approach to capital allocation. That would include

i think we're going to be disciplined and patient is how i would characterize our approach to capital allocation that would include


We continue to deliver strong free cash flow. Combined with a strong balance sheet, this gives us ample capacity to invest in our existing businesses

we continue to deliver strong free cash flow combined with a strong balance sheet this gives us ample capacity to invest in our existing businesses


with 2 of these combined into one paper in the New England Journal of Medicine, along with one analytical verification and 2 clinical utility studies.

with two of these combined into one paper in the new england journal of medicine along with one analytical verification and two clinical utility studies


On our last call, we talked about the internal changes within Hub as we realigned intermodal operations to be managed by our account management team.

on our last call we talked about the internal changes within hub as we realigned intermodal operations to be managed by our account management team


We remain quite focused on continuing to grow this business unit and expect that 2016 will continue to offer both challenges and opportunities.

we remain quite focused on continuing to grow this business unit and expect that 2016 will continue to offer both challenges and opportunities


Moving to Slide 11, let me show you our historical economic performance from the first Q pro forma to present day.

moving to slide 11 let me show you our historical economic performance from the first q pro forma to present day


we're pursuing aggressively. So I think that's kind of it for the Commercial Aircraft as we speak. Your question, when it relates to

we're pursuing aggressively so i think that's kind of it for the commercial aircraft as we speak your question when it relates to


It could very well be a solution over time. Right now, Europe is a quad-play market. It's a quad-play market, because every incumbent telco who has nationwide fixed coverage has a nationwide mobile coverage. And it

it could very well be a solution over time right now europe is a quad-play market it's a quad-play market because every incumbent telco who has nationwide fixed coverage has a nationwide mobile coverage and it


As for admin cost, I would be disappointed if we could not continue to make a gradual steady improvement in our cost structure there,

as for admin costs i would be disappointed if we could not continue to make a gradual steady improvement in our cost structure there


They attend because we develop the industry's most effective solutions, deliver the best patient care and drive powerful advocacy to put medicine within reach of those who need it.

they attend because we develop the industry's most effective solutions deliver the best patient care and drive powerful advocacy to put medicine within reach of those who need it


with all due respect to the desire to break those kind of things out, it is completely inconsistent from my view of how we run our business.

with all due respect to the desire to break those kind of things out it is completely inconsistent from my view of how we run our business


This concludes the financial review portion of our call. I will now turn the discussion back over to Fusen for the September quarter's business outlook.

this concludes the financial review portion of our call i will now turn the discussion back over to foussin for the september quarter's business outlook


of fiscal 2020. As previously discussed, we are determining the appropriate scope of refresh needed for each of our stores by examining their age, size

of fiscal 2020 as previously discussed we are determining the appropriate scope of refresh needed for each of our stores by examining their age size


supply chain to see if we can enhance those volumes instead of paying others to go through their terminals. That's really been the goal of acquisitions. That was the goal of the American Midstream acquisition in Little Rock

supply chain to see if we can enhance those volumes instead of paying others to go through their terminals that's really been the goal of acquisitions that was the goal of the american midstream acquisition in little rock


In response, we adjusted every day and promoted price points on Folgers coffee to improve our competitive positioning.

in response we adjusted every day and promoted price points on folgers coffee to improve our competitive positioning


As a result, we're able to focus on the most vulnerable members, while ensuring the integration of all their health data, stabilizing costs and improving their quality of life.

as a result we're able to focus on the most vulnerable members while ensuring the integration of all of their health data stabilizing costs and improving their quality of life


We are taking a measured approach to down-spacing to be as capital efficient as possible and minimize any potential overdrilling of a particular zone.

we are taking a measured approach to downspacing to be as capital efficient as possible and minimize any potential overdrilling of a particular zone


We increasingly see the consumers, particularly millennials, are looking for brands that serve a positive social purpose beyond pure product functionality.

we increasingly see the consumers particularly millennials are looking for brands that serve a positive social purpose beyond pure product functionality


At the same time, the lower current crop levels have reduced our working capital needs this year, decreasing our seasonal borrowing requirements and increasing our cash reserve.

at the same time the lower current crop levels have reduced our working capital needs this year decreasing our seasonal borrowing requirements and increasing our cash reserves


Yes. We're just trying to figure out if 4Q was just seasonally strong or if there was an impact of Omni that's going to take the margins permanently higher in that segment.

yes we're just trying to figure out if 4q was just seasonally strong or if there was an impact of omni that's going to take the margins permanently higher in that segment


Let me remind you what they are. As you may remember in July, we announced a global cost reduction and efficiency initiative with the goal of reducing annual supply chain production and overhead costs

let me remind you what they are as you may remember in july we announced a global cost reduction and efficiency initiative with the goal of reducing annual supply chain production and overhead costs


is because of the dilutive effect of cable customers coming out. Wondered if you could confirm, please, how many cable customers remain and for how much longer

is because of the dilutive effect of cable customers coming out i wondered if you could confirm please how many cable customers remain and for how much longer


to transition these services into Integra, in line with our original time line -- timetable. This was all completed on the same weekend as the quarter closed.

to transition these services into entegra in line with our original timetable this was all completed on the same weekend as the quarter closed


SPY is actually, we are getting new -- we are doing some placements of SPY, because some customers still want to do it on that basis, which we're open to for a limited period of time.

spy is actually we are getting new -- we are doing some placements with spy because some customers still want to do it on that basis which we're open to for a limited period of time


It's important to remember that we own approximately 200 anchor spaces in our portfolio and that over the last 2 years, we have started or completed redevelopment activity at 15 former department stores.

it's important to remember that we own approximately 200 anchor spaces in our portfolio and that over the last 2 years we have started or completed redevelopment activity at 15 former department stores


I guess the lesson I learned from the consumer Internet is 8 years ago, there was all this talk about the big platforms potentially competing with one another. And if you look at what happened, most of them

i guess the lesson i learned from the consumer internet is 8 years ago there was all this talk about the big platforms potentially competing with one another and if you look at what happened most of them


As Greg noted, our first quarter results reflect a solid start to the year. We delivered organic revenue growth across both segments and delivered strong operating margin improvement in Risk Solutions.

as greg noted our first quarter results reflect a solid start to the year we delivered organic revenue growth across both segments and delivered strong operating margin improvement in risk solutions


We've had terrific success and feedback from clients around the world and continue to attract new clients, with the client treaty being a major differentiator. Finally,

we've had terrific success and feedback from clients around the world and continue to attract new clients with the client treaty being a major differentiator finally


and would not likely have much of an impact through 2020. And there's always other transmission projects that we're looking at but we've not included them in the plan.

and would not likely have much of an impact through 2020 and there's always other transmission projects that we're looking at but we've not included them in the plan


yet you've got ConEd Solutions in there, I would guess. So is that some pressure in what you've seen around margins or more conservatism? Or how should we think about those numbers?

yet you've got con ed solutions in there i would guess so is that some pressure in what you've seen around margins or more conservatism or how should we think about those numbers


Carton Craft will allow us to integrate more of our CUK paperboard tons into a growing air filter frame market and will provide a runway for further margin improvement.

carton craft will allow us to integrate more of our cu k paperboard tons into a growing air filter frame market and will provide a runway for further margin improvement


We're so convinced that the refinance probabilities are much higher now than they were last year, that we're probably getting into a little bit less liquid categories. But

we're so convinced that the refinance probabilities are much higher now than they were last year that we're probably getting into a little bit less liquid categories but


Reflected in all of this lending and financing activity, including the efficient shifting of capital among securities, mortgage loans and real estate investments,

reflected in all of this lending and financing activity including the efficient shifting of capital among securities mortgage loans and real estate investments


And we plan to do so in 2019. Additionally, 2019 is still a year of some investments we have to do. So I still have to do some work on the

and we plan to do so in 2019 additionally 2019 is still a year of some investments we have to do so i still have to do some work on the


with us and making sure that we have the right product that speaks to the consumer. So far, our early reads on the selling of this, we first shipped our first shoes in, really, December

with us and making sure that we have the right product that speaks to the consumer so far our early reads on the selling of this we first shipped our first shoes in really december


And so I do expect that later this year, we will need to have more clarity on where we see the next tranche of processing capacity

and so i do expect that later this year we will need to have more clarity on where we see the next tranche of processing capacity


gross merchandise value of the au Economic Zone in the first quarter as shown on the left was 1.5x what it was a year ago

growth merchandise value of the au economic zone in the first quarter as shown on the left was 1 5x what it was a year ago


except for one thing. In the case of expensing, you increase the net present value of the returns if it is a replacement

except for one thing in the case of expensing you increase the net present value of the returns if it is a replacement


We certainly are willing and have focused on adding on businesses onto some of our core businesses. That certainly isn't out of it, but

we certainly are willing and have focused on adding on businesses on to some of our core businesses that certainly isn't out of it but


The consuming entity is named Telesat Canada. That concludes our prepared remarks for this call, and now, we will be happy to answer any question you may have.

the concerning entity is named telesat canada that concludes our prepared remarks for this call and now we will be happy to answer any question you may have


significant changes to the wireless industry. And we're working on some of those initiatives right now but they're not going to deliver any results for us in the short term.

significant changes to the wireless industry and we're working on some of those initiatives right now but they're not going to deliver any results for us in the short term


So where is our improvements going to come from? And the third question is related once again, with marketing

so where is our improvement going to come from and the third question is related once again with marketing


because being able to see from the city to the building to the infrastructure creates a completely different perspective to the architecture, engineering and construction and we want to play that. And overall,

because being able to see from the city to the building to the infrastructure creates a completely different perspective to architectural engineering and construction and we want to play that and overall


we think it's a real way that we can drive pricing over the medium term. We did double the number of advertisers on the platform. We're still a young business with a lot of room to grow, but we're excited by the progress in the quarter.

we think it's a real way that we can drive pricing over the medium term we did double the number of advertisers on the platform we're still a young business with a lot of room to grow but we are excited by the progress in the quarter


we have adjusted downward our client's expectations and our own expectations as to what our strategies can

we have adjusted downward our clients' expectations and our own expectations as to what our strategies can


Based on this forecast, current industry trends and our continuing market content improvement, we are excited to expand our pursuit to continue to bring high-quality, differentiated products and services

based on this forecast current industry trends and our continuing market content improvement we are excited to expand our pursuit to continue to bring high-quality differentiated products and services


can we already see an improvement of prices in the fourth quarter? Because it's usually gradual and it only comes after

can we already see an improvement of prices in the fourth quarter because this is usually gradual and it only comes after


Even so, 2 of our 3 reporting segments generated substantial increases in operating margins in part due to cost synergies achieved

even so 2 of our 3 reporting segments generated substantial increases in operating margins in part due to cost synergies achieved


You could look at some of the labor, production numbers that we can have them producing. And obviously, from a market side, there could be some blending capabilities of some of those things

you could look at some of the labor production numbers that we can have in producing and obviously from a market side there could be some blending capabilities of some of those things


And then as I have shared, we see that there's an 18-month horizon where we are very strongly focused on our internal initiatives and the impact those are going to have,

and then as i have shared we see that there's an 18-month horizon where we are very strongly focused on our internal initiatives and the impact those are going to have


and as anticipated, some of this strength will be due to portions of work advancing into Q3 from Q4 with customers trying to get ahead of inflationary prices.

as anticipated some of this strength will be due to portions of work advancing into q3 from q4 with customers trying to get ahead of inflationary prices


floor to that development. We are seeing also that, once you would expect those policies to go back to normal,

flaw to that development we are seeing also that once you would expect those policies to go back to normal


all of our leases that are not actually completely filled in. Where we have the most opportunity to drill 15,000 foot laterals for the most part, that acreage is actually out in space.

all of our leases that are not actually completely filled in where we have the most opportunity to drill 15 000 foot laterals for the most part that acreage is actually out in space


in literally all parts of the world with regard to how we address that capability and roll it out for their


We also have some real estate that is no longer needed and hope to complete those sales in fiscal 2017. Proceeds would be used to buy back stock, finance growth or pay down debt.

we also have some real estate that is no longer needed and hope to complete those sales in fiscal 2017 proceeds would be used to buy back stock finance growth or pay down debt


at the end of January are being implemented. So I believe that the price scenario during the first quarter is positive and consolidated.

at the end of january are being implemented so i believe that the price scenario during the first quarter is positive and consolidated